The Frankfort roundabout. [volume] (Frankfort, Ky.) 1882-1908, 1887-08-20

material and its manufactured goods. The
| factory anil the firm are the same people,
[ who by the hocus pocus Of the new assess
ment law. have now the luxury OF paying
State and county taxes twice over on the
same property--once on the goods in their
possession as factory corporation. and
again on the notes which they hold for the
goods as firm. 1t is safe to say that that
firm will not start another factory soon. un-
less it can devise means for circumventing
law SO absurd and so oppressive.
Another well.known Main street firm
had, on the 18th Of last December, the
date of State assessment, heavy account
against the State Of Kentucky for supplies
furnished. The account was long past
due. Had it been paid it would have been
used by the firm to discharge a correspond
ing amount of its Indebtedness, and there
would have been that much less Of Louis
vile "wealth"- Tor the State to tax. By
carrying out this method OF delaying pay
ments and not permitting its creditors TO
offset any Of their own debts against the
debt owed them by the State, it i obvious
that our venerated Commonwealth might
in time he able to make a magnificent
showing for purposes of taxation Of the
riches of its citizens.
1t would be easy to multiply instances Of
especial hardship worked by the new law.
In every case it is plain that the injustice
arises from not permitting liabilities to be
deducted from assets. There is absolutely
no means Of making this deduction in the
use of the required assessment blanks. No
merchant can thus "equalize" his assets
and avoid being taxed upon his total
Indebtedness without comnittin, perjury.
The reputed authors Of this extraordinary
law have been swift to dsclam re ponsi-
bilitv for the most object enable Of 4; pro-
visions. Auditor Hewitt, W IL, daft d it in
lis original form. says he had no idea of not
permitting Indebtedness TO be deducted,
but that the act was botched at the last
moment. and rushed through in ignorance
OF the effect Of its amendments. 1t is true
that the schedule Of personal property con-
tains as its last item (No. ~ "value of all
other property after deductng debts"
But the seventy items preceding this have
exhausted every possible class of assets
that can be imagined. There can be no
''other property" and consequently no
deductions.
This item No. II is mockerv of the tax
payer. AS it stands it seems to serve only
TO point the moral Of the old exclamation,
'"With what little wisdom the world is gov
erned!" But If it means anything it means
! hat the Legislature did intend that s,m"-
how or other debts should be deducted,
although no method is provided for SO do
ing.
In the meantime, the 3Ist of August is
approaching, after which penalty of
per cent is to be added to unpaid tax bills;
and two weeks after that, OH September
18th, another assessment is to be made
upon the same basis for taxes for 1888, and
no citizen can make his report so as to es-
cape taxation on his debts, without the sin
Of erjury. This indirect augmentation
Of the taxes OF men in active business is
heavy handicap upon Louisville especially.
Is the Louisville merchant going to do
nothing aboutit? Have the Board of Trade
Or the Commercial Club no word to say
upon subject so important If it is the
belief of merchants that the law is vicious.
Or unconstitutional, would it not be well
% have at least the opinion Of competent
aHyer upon its force and effect, and if the
state has no right to the excessive tax will
t not he our duty to invoke the memory OF
Iohn Hampden and say with ancient
Pistol, Base is the slave who pays
A VICTIM.